Amendment of banking business license of PrivatBank PJSC

Wednesday, 21 December 2016

The Central Bank of Cyprus, taking into consideration the Joint Statement by the Ministry of Finance of Ukraine and the National Bank of Ukraine on its Equity Participation in PrivatBank PJSC (PrivatBank), as published on 18 December 2016 and, inter alia, in order to protect the interest of the bank’s creditors and the financial stability of the Republic, has decided to proceed with the imposition of the following additional condition to PrivatBank’s banking license to operate a branch in Cyprus:

PrivatBank’s branch in Cyprus shall not engage in any banking business, other than:

(i) the repayment or renewal of existing deposits and the acceptance of payments towards existing credit facilities, and

(ii) the repayment of administrative expenses relating to the operations of the branch.

The Central Bank of Cyprus (CBC) was established in 1963, shortly after Cyprus gained its independence, in accordance with the Central Bank of Cyprus Law, 1963 and the relevant articles of the Constitution. Today the CBC is governed by the Central Bank of Cyprus Law, 2002 as amended (hereafter “the CBC Law”).